Just because someplace is so deep in the housing debt hole doesn't mean the approach isn't a good one.
Making more of something when you have a shortage is the way to fix it.
4 nice, brand new 1.4 million dollar homes is 1) more housing and 2) cheaper than a decrepit 1.6 million dollar home. It sounds like progress even if it hasn't fixed all the problems.
Sounds like they need to just keep going down that path of legalizing housing. Where I lived in Italy, it was pretty normal to have 6/8/10 home buildings, and that was in a town of maybe 200K without any serious geographic constraints.
BTW, nothing saying you can't also do some things to directly help people who can't afford a million dollar home. Subsidized housing is good too - just that it's tough to create enough of it, so we need to fix the broken market too.
Making more of something when you have a shortage is the way to fix it.
4 nice, brand new 1.4 million dollar homes is 1) more housing and 2) cheaper than a decrepit 1.6 million dollar home. It sounds like progress even if it hasn't fixed all the problems.
Sounds like they need to just keep going down that path of legalizing housing. Where I lived in Italy, it was pretty normal to have 6/8/10 home buildings, and that was in a town of maybe 200K without any serious geographic constraints.
BTW, nothing saying you can't also do some things to directly help people who can't afford a million dollar home. Subsidized housing is good too - just that it's tough to create enough of it, so we need to fix the broken market too.